TMF Group: Difference between revisions
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In July 2022, CVC Capital Partners sold a near-50 per cent stake to the [[Abu Dhabi Investment Authority]] [[sovereign wealth fund]], which will take a seat on TMF’s board. The deal valued the company at about €3 billion.<ref>{{Cite web|url=https://www.ft.com/content/3f42e303-40df-4589-86e6-84d1642c06ef|title=Private equity firm CVC sells TMF Group stake to its own fund|work=Financial Times|date=25 July 2022}}</ref> |
In July 2022, CVC Capital Partners sold a near-50 per cent stake to the [[Abu Dhabi Investment Authority]] [[sovereign wealth fund]], which will take a seat on TMF’s board. The deal valued the company at about €3 billion.<ref>{{Cite web|url=https://www.ft.com/content/3f42e303-40df-4589-86e6-84d1642c06ef|title=Private equity firm CVC sells TMF Group stake to its own fund|work=Financial Times|date=25 July 2022}}</ref> |
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In 2018, the Dutch supervisor De Nederlandsche Bank (DNB) imposed a EUR 594,000 fine on TMF for insufficient due diligence in the management of an entity which lent 850 million |
In 2018, the Dutch supervisor De Nederlandsche Bank (DNB) imposed a EUR 594,000 fine on TMF for insufficient due diligence in the management of an entity which lent US$850 million to Mozambique parties, earmarked for a tuna fishery. Loan funds were embezzled or used by Defence. <ref>https://www.barrons.com/news/dutch-company-to-pay-fine-for-facilitating-mozambique-debt-scandal-01619516712#:~:text=Dutch%20financial%20regulator%20De%20Nederlandsche%20Bank%20%28DNB%29%20in,its%20involvement%20in%20Mozambique%27s%202013-2014%20%22hidden%20debt%20scandal%22.</ref> In 2023 followed an EUR 3,125,000 fine for insufficient Customer Due Diligence; out of the eight investigated files seven were not in good order. <ref>https://www.dnb.nl/en/sector-news/enforcement-measures-2023/fine-for-trust-office-tmf-netherlands-b-v-for-insufficient-customer-due-diligence/</ref> <ref>https://www.dnb.nl/media/asmjntwh/boetebesluit-tmf-netherlands-bv.pdf (in Dutch)</ref> |
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== Service lines == |
== Service lines == |
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Revision as of 03:13, 18 June 2023
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| Industry | Professional services |
|---|---|
| Founded | 1988 |
| Headquarters | Amsterdam, Netherlands |
Key people | Mark Weil (CEO), Patrick de Graaf (CFO), |
| Services | Accounting and reporting services Corporate secretarial services Structured finance services International VAT & IPT Services Intellectual property licensing and collection services Human resource and payroll administrative services Domiciliary and management services Escrow services International incorporation services Process agent services Registrar and shareholder services Fund administration services Real Estate Investment services Private client services |
| Revenue |  € 744 million (2022)[1] |
| € €235 million (2022)| €199 million (2021) | |
Number of employees | 9,100 (2023) |
| Parent | |
| Website | tmf-group.com |
TMF Group B.V. (Trust Management Finance) is a Dutch multinational professional services firm headquartered in Amsterdam, Netherlands. The independent group provides accounting, tax, HR administration and global payroll services to businesses operating on an international scale. TMF Group, with 120 offices in 85 jurisdictions, employing more than 9,000 people, provides compliance and administrative services to over 35,000 clients in a €10 billion market.[2] It also has more than €160 billion in Assets Under Administration (AUA).[3]
History
TMF Group was founded in the Netherlands in 1988.[4] Between 2006 and 2009, when Pernille Fabricius sat as group CFO & COO and board member, TMF Group made 47 acquisitions including departments of Ernst & Young, KPMG, Grant Thornton and Baker Tilly in countries like Brazil, Argentina, Mexico, China and Australia.[5]
In October 2008, British private equity firm Doughty Hanson & Co bought TMF Group for €750 million.[4] In January 2011, Doughty Hanson completed its €350 million acquisition of Equity Trust. This paved the way for TMF Group's merger with Equity Trust, which was completed at group level in June 2011.[6]
In 2015, TMF Group acquired the Brazilian business process outsourcing unit from PwC, including delivery centers in Barueri, Rio de Janeiro and Ribeirão Preto, providing business process outsourcing services in finance & accounting, human resources, tax and compliance.[7]
On 27 October 2017, TMF Group was acquired by Europe's largest private equity firm CVC Capital Partners for €1.75 billion.[8][9]
On 11 August 2021, according to a report published by the Budgetary Monitoring Forum (FMO), a Dutch appeals court upheld a fine imposed by the De Nederlandsche Bank (DNB) against the TMF Group for failings in due diligence related to the scandal of Mozambique's hidden debts. The scandal involved at least three corrupt officials from Credit Suisse, who have admitted to taking bribes, and officials of the Abu Dhabi-based shipbuilding group, Privinvest.[10]
In July 2022, CVC Capital Partners sold a near-50 per cent stake to the Abu Dhabi Investment Authority sovereign wealth fund, which will take a seat on TMF’s board. The deal valued the company at about €3 billion.[11]
In 2018, the Dutch supervisor De Nederlandsche Bank (DNB) imposed a EUR 594,000 fine on TMF for insufficient due diligence in the management of an entity which lent US$850 million to Mozambique parties, earmarked for a tuna fishery. Loan funds were embezzled or used by Defence. [12] In 2023 followed an EUR 3,125,000 fine for insufficient Customer Due Diligence; out of the eight investigated files seven were not in good order. [13] [14]
Service lines
The group's main services are accounting, tax, HR, payroll, and corporate secretarial.
Other services relates to structured finance, international structuring, international incorporations, fund administration, private equity, real estate investments and IP licensing and collection.
References
- ^ "TMF Group announces 2022 full year results".
- ^ https://investors.tmf-group.com/tmf-news-release
- ^ "TMF Group expands into Latin America with fund administration acquisition". Asset Servicing Times. 11 January 2022.
- ^ a b "Doughty Hanson to Acquire TMF for €750 million". Doughty Hanson. Retrieved 2013-09-11.
- ^ TMF Group Acquisitions
- ^ Bosco Conference Partners
- ^ TMF Group Buys PricewaterhouseCoopers’ Brazilian BPO Unit
- ^ "TMF Group Acquired by CVC Capital Partners". 27 October 2017.
- ^ "CVC Fund VII agrees to acquire TMF Group". CVC Capital Partners SICAV-FIS SA. 27 October 2017.
- ^ "Mozambique: Dutch Company Fined for Role in 'Hidden Debts'". AllAfrica. Retrieved 11 August 2021.
- ^ "Private equity firm CVC sells TMF Group stake to its own fund". Financial Times. 25 July 2022.
- ^ https://www.barrons.com/news/dutch-company-to-pay-fine-for-facilitating-mozambique-debt-scandal-01619516712#:~:text=Dutch%20financial%20regulator%20De%20Nederlandsche%20Bank%20%28DNB%29%20in,its%20involvement%20in%20Mozambique%27s%202013-2014%20%22hidden%20debt%20scandal%22.
- ^ https://www.dnb.nl/en/sector-news/enforcement-measures-2023/fine-for-trust-office-tmf-netherlands-b-v-for-insufficient-customer-due-diligence/
- ^ https://www.dnb.nl/media/asmjntwh/boetebesluit-tmf-netherlands-bv.pdf (in Dutch)
External links
- Financial services companies established in 1988
- Consulting firms established in 1988
- Accounting firms
- Financial services companies of the Netherlands
- International management consulting firms
- Companies based in Amsterdam
- Management consulting firms of the Netherlands
- 1988 establishments in the Netherlands
- Companies established in 1988